Spanish fashion retailer Inditex has halted trading in Russia, closing its 502 shops and stopping online sales, the company said in a statement on Saturday, Report informs, citing Reuters.
Inditex network includes Zara, Bershka, Massimo Dutti, Pull&Bear, Stradivarius, Oysho.
“In the current circumstances Inditex cannot guarantee the continuity of the operations and commercial conditions in the Russian Federation and temporarily suspends its activity”, the world’s biggest fashion company said.
Russia accounts for around 8.5% of the group’s global EBIT (earnings before interest and tax) and all the Inditex stores operate on a rental basis.
